Knowledge Highlights 28 June 2022
In a statement posted on the Singapore Exchange (SGX) Regulator’s Column on 23 May 2022 (“Column”), Singapore Exchange Regulation (“SGX RegCo”) announced that it would require live engagement and voting for issuers holding their annual general meetings (“AGMs”) for financial years ending 30 June 2022 or after.
Physical general meetings allow shareholders to directly and immediately engage with the board and vote thereafter. SGX RegCo said that it similarly expects issuers to accord shareholders with the same full rights should they choose to hold virtual-only meetings. These rights include the right to attend,
ask questions and communicate their views, and to appoint proxies or to vote at general meetings. Issuers that choose to conduct fully virtual general meetings must utilise both real-time electronic voting and real-time electronic communication at their general meetings.
All issuers holding their AGMs for financial years ending 30 June 2022 or after must conform to these expectations. Issuers holding any other general meeting on or after 1 October 2022 to seek shareholder approval for corporate transactions must also take into account the expectations set out in the Column.